Pass the necessary journal entries for the following transactions on the dissolution of the partnership firm of Tina and Rina after various assets (other than cash) and external liabilities have been transferred to Realisation Account:

(i) An unrecorded asset of 18,000 was taken over by Tina at 16,000.

(ii) Rina agreed to pay her brother’s loan of 23,000.

(iii) Stock of 30,000 was taken over by a creditor of 40,000 in full settlement.

(iv) Expenses of dissolution 40,000 were paid by Rina.

(v) Creditors were paid 18,800 in full settlement of their account of 20,000

(vi) Tina’s loan of 15,000 was paid through a cheque.

Marks-6, CBSE:2022-23/Zone-2/Set-1/Q-23

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